(a) In accordance with the provisions of section 4-38d, which shall be deemed applicable to the transfers provided for herein, all powers and duties of the authority under the provisions of this chapter, and under any other provisions of the general statutes setting forth powers or duties of the authority, shall be transferred to the corporation.
(b) All notes, bonds or other obligations issued by the authority for the financing of any project or projects, including any general obligation bonds of the authority, shall be in accordance with their terms of full force and effect and valid and binding upon the corporation as the successor to the authority, and with respect to any resolution, contract, deed, trust agreement, mortgage, conditional sale or loan agreement, pledge, security arrangement, commitment, obligation or liability or other such document, public record, right, remedy, special act or public act, obligation, liability or responsibility pertaining thereto, the corporation shall be, and shall be deemed to be, the successor to the authority. All properties, rights in land, buildings and equipment and any funds, moneys, revenues and receipts or assets of such authority pledged or otherwise securing any such notes, bonds or other obligations shall belong to the corporation as successor to the authority, subject to such pledges and other security arrangements and to agreements with the holders of the outstanding notes, bonds or other obligations. Any resolution with respect to the issuance of bonds of the authority, and any other action taken by the authority with respect to assisting in the financing of any project shall be, or shall be deemed to be, a resolution of the corporation or an action taken by the corporation subject only to any agreements with the holders of outstanding notes, bonds or other obligations of such authority.
(c) To carry out the purposes of the authority as defined in section 32-23c and the purposes of the corporation as set forth in section 32-39, the corporation shall have and may exercise all of the powers of the authority set forth in this chapter as of July 1, 2012, and all of the powers of the corporation set forth in chapter 581.
(d) Whenever the term “Connecticut Development Authority” is used or referred to in the general statutes, the term “Connecticut Innovations, Incorporated” shall be substituted in lieu thereof.
(e) The procedures of the authority, adopted pursuant to section 1-121, shall remain in full force and effect with respect to any matter before the corporation.
(f) Nothing in this section shall be deemed to limit the powers exercised by the authority or the corporation before July 1, 2012.
(June 12 Sp. Sess. P.A. 12-1, S. 148; P.A. 19-22, S. 3.)
History: June 12 Sp. Sess. P.A. 12-1 effective July 1, 2012; P.A. 19-22 amended Subsec. (a) to delete provision re Connecticut Brownfields Redevelopment Authority to be subsidiary of corporation, effective June 13, 2019.
Structure Connecticut General Statutes
Title 32 - Commerce and Economic and Community Development
Chapter 579 - Connecticut Innovations, Incorporated
Section 32-10 and 32-11. - Definitions. Connecticut Industrial Building Commission.
Section 32-11b. - Definitions.
Section 32-11c. - Transfer of duties, obligations, purposes and procedures.
Section 32-11d. - Agreements to facilitate transfers. Support.
Section 32-11e. - Corporation subsidiaries.
Section 32-12 and 32-13. - Executive secretary. Powers of commission.
Section 32-14. - Mortgage and Loan Insurance Fund.
Section 32-15. - Applications for insurance.
Section 32-16a. - Industrial Pollution Abatement Loan Fund.
Section 32-17. - Proceedings on default by mortgagor.
Section 32-17a. - Procedure on default by mortgagor or borrower.
Section 32-18. - Insurance premiums.
Section 32-19. - Insured mortgages as legal investments.
Section 32-22a. - Written procedures. Contracts.
Section 32-22b. - Loan guarantees for brownfield projects.
Section 32-23. - Industrial Building Operating Expense Fund.
Section 32-23a. - Allocation of mortgage insurance premiums.
Section 32-23aa. - Compliance with state laws and regulations prerequisite for financial assistance.
Section 32-23b. - Short title.
Section 32-23bb. - Comprehensive Business Assistance Fund consolidated into Connecticut Growth Fund.
Section 32-23c. - Legislative finding.
Section 32-23d. - Definitions.
Section 32-23e. - Powers of the corporation.
Section 32-23f. - Bonds and notes.
Section 32-23g. - Disposition of authority funds.
Section 32-23gg. - Legislative determination.
Section 32-23hh. - Definitions.
Section 32-23i. - Bonds as legal investments.
Section 32-23ii. - Connecticut Works Fund. Subfunds.
Section 32-23jj. - Considerations in reviewing application.
Section 32-23k. - State pledge to bond holders and contractors.
Section 32-23kk. - Contract of insurance.
Section 32-23ll. - Bond issue.
Section 32-23m. - Liberal construction.
Section 32-23p. - Loans by the corporation in areas of high unemployment.
Section 32-23pp. - Policy to encourage pollution prevention and remediation.
Section 32-23q. - Exemption from maximum interest and charges on loans.
Section 32-23qq. - Environmental Assistance Revolving Loan Fund. Subfunds.
Section 32-23r. - Preference in employment by borrowers and mortgagees.
Section 32-23rr. - Definitions.
Section 32-23s. - Interpretation of certain amendments.
Section 32-23ss. - Bond issue.
Section 32-23t. - Legislative finding.
Section 32-23tt. - Definitions.
Section 32-23u. - Consolidation of financial assistance programs.
Section 32-23uu. - Connecticut job training finance program.
Section 32-23v. - Connecticut Growth Fund.
Section 32-23vv. - Connecticut job training finance demonstration program.
Section 32-23w. - Consolidation of financial assistance programs.
Section 32-23ww. - Displaced Defense Workers' Bill of Rights.
Section 32-23x. - Comprehensive Business Assistance Fund.
Section 32-23xx. - Electronic Superhighway Act of 1994.
Section 32-23yy. - High-Technology Infrastructure Fund.
Section 32-23z. - Business Environmental Clean-Up Revolving Loan Fund. Regulations.